- Spot Bitcoin ETFs see $306 million inflow, seventh day of growth.
- BlackRock’s IBIT dominates with $290 million, 95% of daily sector inflows.
- Bitcoin price nears record high, fueled by ETF inflows and market trust.
On Tuesday, May 21, the market for spot Bitcoin ETFs maintained its robust growth, registering a net inflow of $306 million. This event marked the spot Bitcoin ETF’s seventh straight day of net outflows, coinciding with a day when Grayscale’s GBTC experienced a net inflow of $0.00.
At the same time, BlackRock’s IBIT continued to excel by securing the top position in terms of net inflows. On Tuesday, IBIT recorded a net inflow of $290 million, which accounted for approximately 95% of the total net inflows for that day in the spot Bitcoin ETF sector.
The inflow of investments into spot Bitcoin ETFs on Tuesday contributed to a 4.29% increase in all listed products’ total net asset value. After the inflows on Tuesday, the combined net asset value of spot Bitcoin ETFs reached $58.91 billion, as reported by Soso Value, a financial analytics service catering to cryptocurrency investors.
It’s important to highlight that the continuous inflows into spot Bitcoin ETFs had a notable impact on the price of Bitcoin
On May 17, Bitcoin began its upward trend, achieving a daily increase of more than 7.5% for the first time in almost two months. The premier digital currency moved past a key resistance level at $67,200 and exceeded $70,000 for the first time in May.
According to TradingView data, Bitcoin’s price rose by over 17% in the past week, with the upward trend remaining strong. This recent surge has propelled the cryptocurrency back into a bullish zone, nearing its current record high. Some cryptocurrency analysts suggest that if the net inflow continues at this rate, it could further fuel the upward trend, potentially leading Bitcoin to surpass its existing record high in the near future.
At the time of this report, Bitcoin’s price stood at $69,826, after a minor retraction from the high of $71,958 seen on Tuesday. As Bitcoin approaches its highest price point, the consistent inflows into ETFs, particularly from offerings like BlackRock’s IBIT, reflect a growing trust in cryptocurrency investments. With the market’s momentum showing no signs of diminishing, the upcoming weeks will be pivotal in determining if Bitcoin can maintain its upward movement and perhaps achieve new highs.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
